Barbados’ business landscape will be transformed with the creation of new and exciting business enterprises; a move which should lead to an improvement in the island’s social and economic performance.
Senior Technical Officer at the National Council for Science and Technology (NCST), Charles Cyrus, made this observation recently, during an interview with the Barbados Government Information Service about the upcoming National Innovation Awards.
In explaining the benefits of the competition to Barbados, he said: "Innovation is important because it allows you to take advantage of opportunities… it allows you to be competitive in a business setting while increasing your market share and profitability."
The Senior Technical Officer further stated: "The contest is not only a golden???? opportunity for persons to turn their ideas into a business venture, but from the country’s perspective, there is a new pool of business ideas which can be tapped into to provide employment for Barbadians.
Mr. Cyrus noted that during recessionary times "innovation was a crucial factor in helping countries to stay afloat" and contended that "we must use innovation to create our own enterprises to generate income".
To enter the competition, participants must submit a two page summary of the idea; demonstrate its innovativeness and benefits within the market place and outline the process of implementation.
The programme was officially launched on Wednesday, May 20, at the Lloyd Erskine Sandiford Centre and the deadline for receipt of applications is Monday, August 31.
The finalists will be announced in February 2010, and the winner will be presented with a cash prize of $75, 000 and the Prime Minister’s Trophy in March.